In a statement today the Dutch brewer said it "noted" KPG's bid, but added that "it is not comparable to the Heineken offer".

"The Heineken offer is for F&N's entire (direct and indirect) 39.7% effective stake in APB and F&N's 50% share of the non-APB assets in Asia Pacific Investment Pte Ltd, for a total consideration of SGD$5.3bn," the statement said.

It added: "The aggregate consideration under the Heinken offer and the MGO (mandatory general offer) will be up to SGD7.7bn. In contrast, the total consideration to F&N under the unsolicited offer would be SGD1bn."

Heinken said it is continuing its discussions with F&N over its bid and continues to believe it "represents compelling value for F&N's and APB's shareholders".

He's back, Back, BACK. After an absence of almost two years, we're delighted to welcome Larry Nelson, the publisher of Brewers' Guardian, back into the just-drinks fold. and, to kick things off again,...